2023 Q3 Form 10-Q Financial Statement

#000121390023066977 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q4
Revenue $437.9K $699.4K $800.0K
YoY Change -57.19% -56.99% -43.07%
Cost Of Revenue $359.7K $437.6K $1.340M
YoY Change -74.39% -75.61% 17.62%
Gross Profit $78.16K $261.8K -$540.0K
YoY Change -120.47% -255.34% -302.98%
Gross Profit Margin 17.85% 37.43% -67.5%
Selling, General & Admin $719.0K $1.649M $4.030M
YoY Change -83.97% -69.79% -63.65%
% of Gross Profit 919.91% 630.06%
Research & Development $543.2K $46.30K $270.0K
YoY Change 131.17% -79.38% -1.86%
% of Gross Profit 694.98% 17.69%
Depreciation & Amortization $50.00K $60.00K $150.0K
YoY Change 14.82% -57.76% -25.93%
% of Gross Profit 63.98% 22.92%
Operating Expenses $2.001M $2.974M $4.290M
YoY Change -64.24% -61.99% -62.24%
Operating Profit -$1.923M -$2.713M -$4.830M
YoY Change -67.83% -66.06% -56.47%
Interest Expense $473.5K $93.98K -$110.0K
YoY Change -29.72% 361.6% 108.25%
% of Operating Profit
Other Income/Expense, Net -$480.0K -$1.710M -$2.400M
YoY Change -74.53% 166.8% 595.13%
Pretax Income -$2.919M -$4.466M -$10.56M
YoY Change -69.36% -48.7% -15.2%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.919M -$4.450M -$12.38M
YoY Change -68.37% -46.62% 0.73%
Net Earnings / Revenue -666.6% -636.35% -1547.5%
Basic Earnings Per Share -$0.09 -$0.12
Diluted Earnings Per Share -$0.09 -$0.12 -$0.42
COMMON SHARES
Basic Shares Outstanding 117.5M shares 86.47M shares 29.07M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.00K $100.0K $710.0K
YoY Change -97.73% -93.77% -81.29%
Cash & Equivalents $6.759K $104.2K $706.2K
Short-Term Investments
Other Short-Term Assets $2.007M $2.210M $2.973M
YoY Change -28.63% -45.47% -25.04%
Inventory $112.4K $170.4K $405.0K
Prepaid Expenses
Receivables $35.10K $67.57K $239.4K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $363.7K $710.4K $1.479M
YoY Change -78.36% -72.69% -66.95%
LONG-TERM ASSETS
Property, Plant & Equipment $140.8K $179.3K $212.5K
YoY Change -43.44% -28.56% 106.48%
Goodwill $46.46K $46.46K $46.46K
YoY Change -96.6% -96.64% -96.62%
Intangibles $191.3K $230.1K
YoY Change -92.43% -90.54%
Long-Term Investments $300.0K $870.0K $800.0K
YoY Change -61.0% -25.6% 4.04%
Other Assets
YoY Change
Total Long-Term Assets $2.528M $3.218M $3.341M
YoY Change -64.1% -57.25% -28.89%
TOTAL ASSETS
Total Short-Term Assets $363.7K $710.4K $1.479M
Total Long-Term Assets $2.528M $3.218M $3.341M
Total Assets $2.892M $3.929M $4.820M
YoY Change -66.85% -61.21% -47.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.44M $12.60M $7.570M
YoY Change 100.16% 157.19% 102.92%
Accrued Expenses $250.0K $0.00 $330.0K
YoY Change -10.58% -100.0% 1688.62%
Deferred Revenue
YoY Change
Short-Term Debt $1.588M $1.474M $1.684M
YoY Change -11.14% -22.22% 25.4%
Long-Term Debt Due $1.588M $1.474M $1.646M
YoY Change -79.7% -64.52% 14.45%
Total Short-Term Liabilities $21.69M $20.73M $15.21M
YoY Change 42.98% 118.31% 180.53%
LONG-TERM LIABILITIES
Long-Term Debt $10.00K $0.00 $40.00K
YoY Change -65.42% -100.0% -37.49%
Other Long-Term Liabilities $1.910M $2.240M $2.080M
YoY Change -10.55% 6.63%
Total Long-Term Liabilities $1.919M $2.241M $2.116M
YoY Change -11.33% 5.08% 3206.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.69M $20.73M $15.21M
Total Long-Term Liabilities $1.919M $2.241M $2.116M
Total Liabilities $23.61M $22.97M $17.32M
YoY Change 36.2% 97.55% 215.82%
SHAREHOLDERS EQUITY
Retained Earnings -$190.5M -$179.0M -$146.1M
YoY Change 42.42% 43.99% 33.3%
Common Stock $137.6K $103.0K $39.06K
YoY Change 462.32% 408.66% 134.03%
Preferred Stock
YoY Change
Treasury Stock (at cost) $78.46K $78.46K
YoY Change 3.09% 25.72%
Treasury Stock Shares 93.37K shares
Shareholders Equity -$21.61M -$19.92M -$11.75M
YoY Change
Total Liabilities & Shareholders Equity $2.892M $3.929M $4.820M
YoY Change -66.85% -61.21% -47.46%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q4
OPERATING ACTIVITIES
Net Income -$2.919M -$4.450M -$12.38M
YoY Change -68.37% -46.62% 0.73%
Depreciation, Depletion And Amortization $50.00K $60.00K $150.0K
YoY Change 14.82% -57.76% -25.93%
Cash From Operating Activities -$190.0K -$330.0K -$2.950M
YoY Change -94.13% -94.09% -39.82%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $210.0K
YoY Change -100.0% -100.0% -800.7%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $1.090M
YoY Change -100.0% -100.0% 482.92%
Cash From Investing Activities $0.00 $0.00 $860.0K
YoY Change -100.0% -100.0% 447.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 90.00K 270.0K 2.350M
YoY Change -96.06% -93.65% -66.69%
NET CHANGE
Cash From Operating Activities -190.0K -330.0K -2.950M
Cash From Investing Activities 0.000 0.000 860.0K
Cash From Financing Activities 90.00K 270.0K 2.350M
Net Change In Cash -100.0K -60.00K 260.0K
YoY Change -90.75% -96.36% -88.75%
FREE CASH FLOW
Cash From Operating Activities -$190.0K -$330.0K -$2.950M
Capital Expenditures $0.00 $0.00 $210.0K
Free Cash Flow -$190.0K -$330.0K -$3.160M
YoY Change -94.05% -93.79% -35.14%

Facts In Submission

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 1 – Organization and Operations</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Creatd, Inc., formerly Jerrick Media Holdings, Inc. (“we,” “us,” the “Company,” or “Creatd”), is a technology company focused on providing economic opportunities for creators, which it accomplishes through its four main business pillars: Creatd Labs, Creatd Partners, Creatd Ventures, and Creatd Studios. Creatd’s flagship product, Vocal, delivers a robust long-form, digital publishing platform organized into highly engaged niche-communities capable of hosting all forms of rich media content. Through Creatd’s proprietary algorithm dynamics, Vocal enhances the visibility of content and maximizes viewership, providing advertisers access to target markets that most closely match their interests. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company was originally incorporated under the laws of the State of Nevada on December 30, 1999, under the name LILM, Inc. The Company changed its name on December 3, 2013, to Great Plains Holdings, Inc. as part of its plan to diversify its business.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 5, 2016 (the “Closing Date”), GTPH, GPH Merger Sub, Inc., a Nevada corporation and wholly-owned subsidiary of GTPH (“Merger Sub”), and Jerrick Ventures, Inc., a privately-held Nevada corporation headquartered in New Jersey (“Jerrick”), entered into an Agreement and Plan of Merger (the “Merger”) pursuant to which the Merger Sub was merged with and into Jerrick, with Jerrick surviving as a wholly-owned subsidiary of GTPH (the “Merger”). GTPH acquired, pursuant to the Merger, all of the outstanding capital stock of Jerrick in exchange for issuing Jerrick’s shareholders (the “Jerrick Shareholders”), pro-rata, a total of 475,000 shares of GTPH’s common stock. In connection therewith, GTPH acquired 33,415 shares of Jerrick’s Series A Convertible Preferred Stock (the “Jerrick Series A Preferred”) and 8,064 shares of Series B Convertible Preferred Stock (the “Jerrick Series B Preferred”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Merger, on the Closing Date, GTPH and Kent Campbell entered into a Spin-Off Agreement (the “Spin-Off Agreement”), pursuant to which Mr. Campbell purchased from GTPH (i) all of GTPH’s interest in Ashland Holdings, LLC, a Florida limited liability company, and (ii) all of GTPH’s interest in Lil Marc, Inc., a Utah corporation, in exchange for the cancellation of 39,091 shares of GTPH’s Common Stock held by Mr. Campbell. In addition, Mr. Campbell assumed all debts, obligations and liabilities of GTPH, including any existing prior to the Merger, pursuant to the terms and conditions of the Spin-Off Agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon closing of the Merger on February 5, 2016, the Company changed its business plan to that of Jerrick.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective February 28, 2016, GTPH entered into an Agreement and Plan of Merger (the “Statutory Merger Agreement”) with Jerrick, pursuant to which GTPH became the parent company of Jerrick Ventures, LLC, a wholly-owned operating subsidiary of Jerrick (the “Statutory Merger”) and GTPH changed its name to Jerrick Media Holdings, Inc. to better reflect its new business strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 11, 2019, the Company acquired 100% of the membership interests of Seller’s Choice, LLC, a New Jersey limited liability company (“Seller’s Choice”), a digital e-commerce agency.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 9, 2020, the Company filed a certificate of amendment with the Secretary of State of the State of Nevada to change our name to “Creatd, Inc.”, which became effective on September 10, 2020.   </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 4, 2021, the Company acquired 89% of the membership interests of Plant Camp, LLC, a Delaware limited liability company (“Plant Camp”), which the Company subsequently rebranded as Camp. Camp is a direct-to-consumer (DTC) food brand which creates healthy upgrades to classic comfort food favorites. The results of Plant Camp’s operations have been included since the date of acquisition in the Statements of Operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 20, 2021, the Company acquired 44% of the membership interests of WHE Agency, Inc. WHE Agency, Inc, is a talent management and public relations agency based in New York (“WHE”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 9, 2023, the Company acquired an additional 51% of the equity interest in WHE Agency, Inc. bringing our total ownership to 95%. WHE has been consolidated due to the Company’s ownership of 55% voting control, and the results of operations have been included since the date of acquisition in the Statements of Operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Between October 21, 2020, and August 16, 2021, the Company acquired 21% of the membership interests of Dune, Inc. Dune, Inc. is a direct-to-consumer brand focused on promoting wellness through its range of health-oriented beverages.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 3, 2021, the Company acquired an additional 29% of the membership interests of Dune, Inc., bringing our total membership interests to 50%. Dune, Inc., has been consolidated due to the Company’s ownership of 50% voting control, and the results of operations have been included since the date of acquisition in the Statements of Operations. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 25, 2023, the Company acquired an additional 23% equity interest in Dune, Inc. bringing our total ownership to 85%. Dune, Inc., has been consolidated due to the Company’s ownership of 50% voting control, and the results of operations have been included since the date of acquisition in the Statements of Operations. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 7, 2022, the Company acquired 100% of the membership interests of Denver Bodega, LLC, d/b/a Basis, a Colorado limited liability company (“Basis”). Basis is a direct-to-consumer functional beverage brand that makes high-electrolyte mixes meant to aid hydration. Denver Bodega, LLC has been consolidated due to the Company’s ownership of 100% voting control, and the results of operations have been included since the date of acquisition in the Statement of Operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 1, 2022, the Company acquired 51% of the membership interests of Orbit Media LLC, a New York limited liability company. Orbit is an app-based stock trading platform designed to empower a new generation of investors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 3, 2023, the Company acquired an additional 5% of the membership interests of Orbit Media, LLC., bringing our total membership interests to 56%. Orbit has been consolidated due to the Company’s ownership of 51% voting control, and the results of operations have been included since the date of acquisition in the Statement of Operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 13, 2022, the Company acquired 100% of the membership interests of Brave Foods, LLC, a Maine limited liability company. Brave is a plant-based food company that provides convenient and healthy breakfast food products. Brave Foods, LLC has been consolidated due to the Company’s ownership of 100% voting control, and the results of operations have been included since the date of acquisition in the Statement of Operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 13, 2022, an investor entered into a Subscription Agreement whereby it purchased from OG Collection, Inc., a subsidiary of the Company (“OG”), 150,000 shares of common stock of OG for a purchase price of $750,000, and, in connection therewith OG, the Company, and the Investor entered into a Shareholder Agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">February 1, 2023, an investor entered into a Subscription Agreement whereby it purchased from OG Collection, Inc., a subsidiary of the Company (“OG”), 50,000 shares of common stock of OG for a purchase price of $250,000, and, in connection therewith OG, the Company, and the Investor entered into a Shareholder Agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 30, 2023, the Company acquired an additional 15% equity interest in Dune, Inc. bringing our total ownership to 100%. Dune, Inc., has been consolidated due to the Company’s ownership of 50% voting control, and the results of operations have been included since the date of acquisition on October 3, 2021, in the Statements of Operations. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 30, 2023, the Company acquired an additional 10% of the membership interests of Plant Camp, LLC, bringing our total ownership to 100%. Plant Camp, LLC has been consolidated due to the Company’s ownership of 50% voting control, and the results of operations have been included since the date of acquisition on June 4, 2021, in the Statements of Operations. </p>
CY2023Q1 crtd Membership Interest Percentage
MembershipInterestPercentage
0.56 pure
CY2022Q4 us-gaap Common Stock Dividends Shares
CommonStockDividendsShares
150000 shares
CY2022Q4 crtd Purchase Price
PurchasePrice
750000 usd
CY2023Q1 us-gaap Common Stock Dividends Shares
CommonStockDividendsShares
50000 shares
CY2023Q1 crtd Purchase Price
PurchasePrice
250000 usd
CY2023Q2 us-gaap Cash Uninsured Amount
CashUninsuredAmount
0 usd
CY2022Q4 us-gaap Shortterm Debt Fair Value
ShorttermDebtFairValue
6810992 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Use of Estimates and Critical Accounting Estimates and Assumptions</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to these estimates or assumptions, and certain estimates or assumptions are difficult to measure or value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. The Company uses estimates in accounting for, among other items, revenue recognition, allowance for doubtful accounts, stock-based compensation, income tax provisions, excess and obsolete inventory reserve, and impairment of intellectual property.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Actual results could differ from those estimates.</p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Concentration of Credit Risk and Other Risks and Uncertainties</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company provides credit in the normal course of business. The Company maintains allowances for credit losses on factors surrounding the credit risk of specific customers, historical trends, and other information.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company operates in Australia and holds total assets of $980,404. It is reasonably possible that operations located outside an entity’s home country will be disrupted in the near term.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
us-gaap Additions To Other Assets Amount
AdditionsToOtherAssetsAmount
980404 usd
CY2023Q2 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 usd
us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 usd
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P8Y6M3D
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo
32097 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearThree
32097 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFour
23176 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFive
20961 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseRollingAfterYearFive
20961 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
61961 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
191253 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
191253 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
38831 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
147711 usd
CY2023Q2 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
173680 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
1426728 usd
CY2022 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
1433815 usd
CY2023Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
46460 usd
CY2023Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
46460 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
1645680 usd
CY2022Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
38014 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
699364 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1625901 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1685509 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2974639 usd
CY2023Q2 crtd Products And Services Transferred Over Time
ProductsAndServicesTransferredOverTime
50227 usd
CY2022Q2 crtd Products And Services Transferred Over Time
ProductsAndServicesTransferredOverTime
988283 usd
crtd Products And Services Transferred Over Time
ProductsAndServicesTransferredOverTime
1077779 usd
crtd Products And Services Transferred Over Time
ProductsAndServicesTransferredOverTime
2079657 usd
CY2023Q2 crtd Products Transferred At A Point In Time
ProductsTransferredAtAPointInTime
196837 usd
CY2022Q2 crtd Products Transferred At A Point In Time
ProductsTransferredAtAPointInTime
637618 usd
crtd Products Transferred At A Point In Time
ProductsTransferredAtAPointInTime
636599 usd
crtd Products Transferred At A Point In Time
ProductsTransferredAtAPointInTime
894982 usd
CY2023Q2 crtd Revenue Recognition
RevenueRecognition
699364 usd
CY2022Q2 crtd Revenue Recognition
RevenueRecognition
1625901 usd
crtd Revenue Recognition
RevenueRecognition
1685509 usd
crtd Revenue Recognition
RevenueRecognition
2974639 usd
crtd Management Fee Percentage
ManagementFeePercentage
0.20 pure
CY2023Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.80 pure
crtd Contract Occur Percentage
ContractOccurPercentage
1 pure
crtd Promotional Discounts Amount
PromotionalDiscountsAmount
9.99 usd
crtd Free Trials Amount
FreeTrialsAmount
99 usd
CY2023Q2 us-gaap Deferred Revenue
DeferredRevenue
321763 usd
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.06
CY2022Q3 us-gaap Debt Instrument Unamortized Discount Noncurrent
DebtInstrumentUnamortizedDiscountNoncurrent
300000 usd
CY2023Q2 us-gaap Income Tax Examination Interest Accrued
IncomeTaxExaminationInterestAccrued
15063 usd
CY2023Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
130000 usd
CY2023Q2 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.18 pure
crtd Allowance For Doubtful Accounts
AllowanceForDoubtfulAccounts
2803 usd
CY2023Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
264977 usd
crtd Common Stock Equivalents
CommonStockEquivalents
216672306 shares
crtd Common Stock Equivalents
CommonStockEquivalents
13723287 shares
CY2023Q2 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
51239 usd
CY2023Q2 us-gaap Debt Instrument Unamortized Discount Noncurrent
DebtInstrumentUnamortizedDiscountNoncurrent
500 usd
CY2023Q2 us-gaap Shortterm Debt Fair Value
ShorttermDebtFairValue
6506073 usd
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-179000000 usd
us-gaap Profit Loss
ProfitLoss
-20400000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3200000 usd
CY2022Q4 us-gaap Retail Related Inventory Packaging And Other Supplies
RetailRelatedInventoryPackagingAndOtherSupplies
34632 usd
CY2023Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
170385 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
370335 usd
CY2023Q2 us-gaap Inventory Gross
InventoryGross
170385 usd
CY2022Q4 us-gaap Inventory Gross
InventoryGross
404970 usd
CY2023Q2 crtd Outstanding Principal Total
OutstandingPrincipalTotal
1523364 usd
CY2022Q4 crtd Outstanding Principal Total
OutstandingPrincipalTotal
1997803 usd
crtd Debt Instrument Discount
DebtInstrumentDiscount
49234 usd
crtd Debt Instrument Discount
DebtInstrumentDiscount
314108 usd
CY2023Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
1474130 usd
CY2022Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
1683694 usd
CY2023Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
1474130 usd
CY2023Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
5477 usd
CY2022Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
14665 usd
CY2023Q2 crtd Convertible Note Payable
ConvertibleNotePayable
6326916 usd
CY2022Q4 crtd Convertible Note Payable
ConvertibleNotePayable
5369599 usd
crtd Repaid Amount
RepaidAmount
188571 usd
us-gaap Debt Conversion Converted Instrument Warrants Or Options Issued1
DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
562500 shares
CY2023Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
1387500 usd
crtd Beneficial Conversion Feature
BeneficialConversionFeature
1250000 usd
CY2023Q2 crtd Common Stock And Warrants Issued Upon Conversion Of Notes Payable
CommonStockAndWarrantsIssuedUponConversionOfNotesPayable
2200000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
375000 shares
CY2023Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.075
us-gaap Costs And Expenses
CostsAndExpenses
96550 usd
us-gaap Costs And Expenses
CostsAndExpenses
48655 usd
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.2
crtd Expected Dividend Yield Percentage
ExpectedDividendYieldPercentage
0 pure
CY2023Q2 crtd Shares Of Capital Stock
SharesOfCapitalStock
1520000000 shares
CY2023Q2 crtd Designated Of Common Stock Shares
DesignatedOfCommonStockShares
-1500000000 shares
CY2023Q2 us-gaap Common Stock No Par Value
CommonStockNoParValue
0.001
CY2023Q2 crtd Designated Of Preferred Stock
DesignatedOfPreferredStock
-20000000 shares
CY2023Q2 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0.001
CY2023Q2 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
1382744 shares
CY2023Q2 crtd Gross Proceeds
GrossProceeds
69137 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4408267 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.01
crtd Weighted Average Remaining Contractual Lifein Years Beginning Balance
WeightedAverageRemainingContractualLifeinYearsBeginningBalance
P3Y9M18D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
16667 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
14.1
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4391600 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.01
crtd Weighted Average Remaining Contractual Lifein Years Outstanding Ending Balance
WeightedAverageRemainingContractualLifeinYearsOutstandingEndingBalance
P3Y9M18D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3756600 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.42
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y9M10D
crtd Option Outstanding Exercise Price
OptionOutstandingExercisePrice
4.01
crtd Option Outstanding Number Outstanding
OptionOutstandingNumberOutstanding
4391600 shares
crtd Option Outstanding Weighted Average Remaining Contractual Lifein Years
OptionOutstandingWeightedAverageRemainingContractualLifeinYears
P3Y9M18D
crtd Option Outstanding Weighted Average Exercise Price
OptionOutstandingWeightedAverageExercisePrice
4.42
crtd Option Exercisable Number Exercisable
OptionExercisableNumberExercisable
3756600 shares
crtd Option Exercisable Weighted Average Remaining Contractual Lifein Years
OptionExercisableWeightedAverageRemainingContractualLifeinYears
P3Y9M10D
CY2023Q2 us-gaap Amount Of Restricted Net Assets For Consolidated And Unconsolidated Subsidiaries
AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries
7868533 usd
CY2023Q2 crtd Unrecognized Compensation Expense
UnrecognizedCompensationExpense
0 usd
CY2023Q1 crtd Shares Issued1
SharesIssued1
3767925 shares
CY2023Q1 crtd Warrant Holder Shares
WarrantHolderShares
3767925 shares
CY2023Q1 crtd Proceed From Warrant Exercises
ProceedFromWarrantExercises
753693 usd
CY2023Q1 crtd Warrants Exercisable Number Exercisable
WarrantsExercisableNumberExercisable
3767925 shares
CY2023Q1 us-gaap Dividends Cash
DividendsCash
1625044 usd
CY2023Q1 crtd Additional Warrant
AdditionalWarrant
18837979 shares
CY2023Q1 crtd Deemed Dividend
DeemedDividend
3661981 usd
CY2023Q2 crtd Warrant Share Issued Convertible Notes Payable
WarrantShareIssuedConvertibleNotesPayable
2936100 shares
CY2023Q2 crtd Stock Issued Period For Service
StockIssuedPeriodForService
190935 usd
CY2023Q2 crtd Additional Warrant Issued
AdditionalWarrantIssued
88318466 usd
CY2022Q4 crtd Seeking Damages
SeekingDamages
161000 usd
CY2022Q4 crtd Punitive Damages
PunitiveDamages
500000 usd
CY2022Q2 us-gaap Securities Purchased Under Agreements To Resell
SecuritiesPurchasedUnderAgreementsToResell
920000 usd
CY2022Q3 us-gaap Other Postretirement Benefits Payments
OtherPostretirementBenefitsPayments
415000 usd
CY2022Q3 us-gaap Legal Fees
LegalFees
5000 usd
CY2022Q3 us-gaap Regulatory Liabilities
RegulatoryLiabilities
420000 usd
CY2023Q2 us-gaap Accrued Liabilities For Commissions Expense And Taxes
AccruedLiabilitiesForCommissionsExpenseAndTaxes
415000 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Settlements
EffectiveIncomeTaxRateReconciliationTaxSettlements
0.15 pure
crtd Excise Tax On Net Repurchases Percentage
ExciseTaxOnNetRepurchasesPercentage
0.01 pure
crtd Long Term Purchases Commitment Minimum Length Required
LongTermPurchasesCommitmentMinimumLengthRequired
8000 sqm
CY2022Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P7Y
us-gaap Lease Income
LeaseIncome
3100693 usd
CY2022Q2 crtd Lease Agreements Description
LeaseAgreementsDescription
On April 19, 2022, the Company signed a 2-year lease for approximately 2,252 square feet of office space at 1 Westmount Square, Westmount, Qc H3Z2P9
CY2022Q2 us-gaap Lease Income
LeaseIncome
72064 usd
CY2022Q3 crtd Lease Agreements Description
LeaseAgreementsDescription
On July 28, 2022, the Company signed a 3-year lease for approximately 1,364 square feet of office space at 1674 Meridian Ave.
CY2022Q3 us-gaap Lease Income
LeaseIncome
181299 usd
CY2021Q3 crtd Lease Agreements Description
LeaseAgreementsDescription
On September 9, 2021, the Company signed a 1-year lease for approximately 3,200 square feet at 648 Broadway, Suite 200, New York, NY 10012. Monthly rent under the lease was $12,955 for the leasing period.
CY2022Q3 crtd Stockholders Equity Requirement
StockholdersEquityRequirement
On September 2, 2022, the Company received a letter from the staff of The Nasdaq Capital Market notifying the Company that the Nasdaq Hearings Panel has determined to delist the Company’s common stock from the Exchange, based on the Company’s failure to comply with the listing requirements of Nasdaq Rule 5550(b)(1) as a result of the Company’s shareholder equity deficit for the period ended June 30, 2022, as demonstrated in Company’s Quarterly Report on Form 10-Q filed on August 15, 2022, following the Company having not complied with the market value of listed securities requirement in Nasdaq Rule 5550(b)(2) on March 1, 2022, while the Company was under a Panel Monitor, as had been previously disclosed.
CY2023Q2 us-gaap Temporary Equity Aggregate Amount Of Redemption Requirement
TemporaryEquityAggregateAmountOfRedemptionRequirement
475000 usd
CY2022Q1 crtd Purchase Price Per Share
PurchasePricePerShare
1
crtd Schedule Of Excess Purchase Price Amounts
ScheduleOfExcessPurchasePriceAmounts
The following table provides a summary of the preliminary allocation of the excess purchase price.<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">Goodwill</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12,691</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Trade Names &amp; Trademarks</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,970</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Know-How and Intellectual Property</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">107,633</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Customer Relationships</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">38,693</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Excess purchase price</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">178,987</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">Goodwill</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">46,460</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Trade Names &amp; Trademarks</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,705</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Know-How and Intellectual Property</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,704</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Website</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,704</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Customer Relationships</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">10,023</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Excess purchase price</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">106,596</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
CY2023Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
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CY2023Q2 crtd Prepaid Expense And Other Current Assets
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